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- 1 The court ruled in favor of Grayscale and revoked the SEC’s block over the former’s ETF filing.
- 2 The CEO as well as the crypto community is hailing the judgement as a landmark decision.
- 3 However, Michael Sonnenshein said there’s still a lot that needs to be tended to.
Grayscale aka Grayscale Bitcoin Trust is the go-to place for many to buy and manage BTC. Since its launch, the platform has been known for facilitating crypto investments. Moreover, it helps the crypto investors about the dynamic digital assets. For so many advantages, this website is considered a veritable source for Bitcoin trading. For all obvious reasons, everything it does in the crypto domain becomes a piece of news.
Grayscale CEO Expresses His Interest in BTC ETF
In a recent interview, Grayscale CEO Michael Sonnenshein expressed delight over the recent court verdict. It was the decision to annul the SEC’s block on Grayscale’s proposed Bitcoin ETF. In talks with the media, he hailed the court’s decision and termed it as historic. The ruling has also spread a ripple of positivity among crypto users. According to him, the decision has elevated the hopes of every BTC supporter. It has reaffirmed the anticipation of the first Bitcoin ETF launch.
But Everything Is Not Sorted Yet
Though the ruling has amped up hopes, it hasn’t made the ETF possible. Sonnenshein said that the uncertainty in the procedure is still looming above their heads. He stated that the court still has to finalize the process of the application. Moreover, he added that it’s yet to be confirmed if the possibility of the ETF will materialize at all. Mentioning the next step, he said that they’ll have to wait for the 45-day window.
Only after this duration, they will know about the final judgment. Notably, it will include all the 17 judges on the court. Also, Grayscale has been advocating that its Bitcoin trust can set the windfall upon its holders. It has been claimed that GBTC can bring billions in profits to the community. To some extent, this ruling supports their vision.
Having acknowledged the optimism around, Sonnenshein stressed doing a reality check. He pointed out that the SEC hasn’t given any statement after the ruling. Thus, they can take some steps to prohibit ETF-like products from entering the markets. However, the interim verdict showed its impact on the markets. GBTC shares showed an upsurge of 17% outflanking Bitcoin’s 6%. Although it dipped by 4% the next day, as per the reports.
Crypto analyst, James Seyffart said that the market seems certainly confident about GBTC now. Still, skepticism found some room echoing the concerns expressed by Sonnenshein.
What’s Next For GBTC?
While the underlying developments are happening, the crypto community is anticipating the SEC’s next action. Besides GBTCs, there are five other Bitcoin ETF applications. They include some big names like BlackRock, Invesco, Bitwise, and Fidelity. After the court’s decision, everyone is expecting the regulator to be more prudent with ETC filings.
In his statement, Sonnenshein also reflected on the company’s legal journey of the past year. He said that they can’t undermine the victory even if it’s small. In fact, it’s a massive triumph for the GBTC and crypto community, he said. In addition, he said that the company is committed to the advancement of the crypto space.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
